Nasdaq 100 climbs to record high

Friday, 12. July 2019 19:41

Risk appetite continued on Friday as stock traders were increasingly confident in the Federal Reserve's determination that it would lower interest rates this week, which would make borrowing more affordable and bonds less appealing than equities. The Nasdaq 100, laden with technology companies, reached an all-time intraday high for the third day in a row at 7,935.792 points, catching up to the Dow Jones Industrial Average, while the S&P 500 reached a record in second such session of this week.

Sentiment was enhanced by a weakening in factory gate inflation and a drop in input costs, while President Donald Trump's upcoming remarks on the passage of the United States–Mexico–Canada deal may have brought optimism on the trade front, underpinning chipmakers.

The Nasdaq 100 was 0.39% higher at 1:38 pm ET, led by a 5.81% spike in J.B. Hunt. Broadcom jumped 2.57% and held in the top ten components, closely tracked by jumps of 2.52% in NXP, 2.45% in Applied Materials and 2.41% in Micron. The FAANG group mostly underperformed, with the exception of Apple, which gained 0.55%, and Amazon, up 0.42%.

Related Links: Broadcom Inc.Apple Inc.
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